TD walked away from U.S. acquisition of First Horizon in May, after difficulties securing regulatory approvals
, telling shareholders Thursday the bank has plenty of capital to grow in other ways.
“The issue we are dealing with has nothing to do with our good faith dealings with customers,” Mr. Masrani said. “We are working with our regulators to put this matter behind us and I’m confident that in time, we will.” Media reports citing unnamed sources said the regulators’ concerns stemmed from issues with TD’s anti-money-laundering practices, but the bank has refused to comment on the issue.
The bank has the highest capital buffer among the Big Six banks. Its common equity tier ratio – a measure of a bank’s ability to sustain sour loans – towers at 15.3 per cent, well above the 11 per cent regulatory minimum. That means TD has billions of dollars to spend on organic growth, acquisitions, share buybacks and dividend increases.
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